Can Fite’s drugs robustly inhibit
the release of inflammatory mediators that induce Cytokine Release
Syndrome (CRS), a potentially fatal side effect of CAR-T and
other immune-oncology therapies

PETACH TIKVA, Israel, January 30, 2019
-- Can-Fite BioPharma Ltd. (NYSE American: CANF) (TASE:CFBI), a biotechnology company advancing a pipeline of proprietary small
molecule drugs that address cancer, liver and inflammatory diseases, today announced that Drug Design, Development and Therapy
has published an article titled, “Targeting the A3 Adenosine Receptor to Treat Cytokine Release Syndrome in Cancer Immunotherapy.”
The article presents data from numerous studies that show adenosine’s role in inhibiting inflammatory cytokine production.
Can-Fite’s Piclidenoson, a Phase III drug candidate, and Namodenson, a Phase II drug candidate, both target the A3 adenosine
receptor (A3AR), which the Company believes may treat cytokine release syndrome (CRS) while also promoting an anti-cancer effect.

CRS is a potentially life threatening side
effect of cancer immunotherapies including CAR-T. The market for CAR-T drugs is estimated to reach approximately $5.4 Billion in
2024 according to Evaluate Pharma.

“While CAR-T and other cancer immunotherapies
are saving lives, as their use increases, there is growing concern about the drugs’ life threatening side effects including
the high incidence of CRS. With the publication of this article in Drug Design, Development and Therapy, we are advancing
the scientific community towards delivering immunotherapies that offer a high degree of efficacy with a greater degree of safety
for the patient. Our platform technology, through Namodenoson, has already displayed its anti-cancer effects in humans, and therefore
it is a candidate to not only protect patients from CRS, but to also boost the body’s fight against cancer,” stated
Dr. Pnina Fishman, Can-Fite’s CEO. “We look forward to implementing our development strategy for our drugs in the treatment
of CRS.”

Can Fite’s platform technology selectively
targets A3AR, which plays a central role in mediating the mechanism of inflammation by reducing elevated levels of pro-inflammatory
cytokines such as IL-6, IL-1β, NF-Kβ, TNF-α, and more.

About Can-Fite BioPharma Ltd.

Can-Fite BioPharma Ltd. (NYSE American:
CANF) (TASE: CFBI) is an advanced clinical stage drug development Company with a platform technology that is designed to address
multi-billion dollar markets in the treatment of cancer, inflammatory disease and sexual dysfunction. The Company’s lead drug candidate,
Piclidenoson, is currently in Phase III trials for rheumatoid arthritis and psoriasis. Can-Fite’s liver cancer drug, Namodenoson,
is in Phase II trials for hepatocellular carcinoma (HCC), the most common form of liver cancer, and for the treatment of non-alcoholic
steatohepatitis (NASH). Namodenoson has been granted Orphan Drug Designation in the U.S. and Europe and Fast Track Designation
as a second line treatment for HCC by the U.S. Food and Drug Administration. Namodenoson has also shown proof of concept to potentially
treat other cancers including colon, prostate, and melanoma. CF602, the Company’s third drug candidate, has shown efficacy in the
treatment of erectile dysfunction in preclinical studies and the Company is investigating additional compounds, targeting A3AR,
for the treatment of sexual dysfunction. These drugs have an excellent safety profile with experience in over 1,000 patients in
clinical studies to date. For more information please visit: www.can-fite.com.

Forward-Looking Statements

This press release may contain forward-looking
statements, about Can-Fite’s expectations, beliefs or intentions regarding, among other things, market risks and uncertainties,
its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from
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officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they
are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject
to risks and uncertainties that could cause Can-Fite’s actual results to differ materially from any future results expressed or
implied by the forward-looking statements. Many factors could cause Can-Fite’s actual activities or results to differ materially
from the activities and results anticipated in such forward-looking statements. Factors that could cause our actual results to
differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: the initiation,
timing, progress and results of our preclinical studies, clinical trials and other product candidate development efforts; our ability
to advance our product candidates into clinical trials or to successfully complete our preclinical studies or clinical trials;
our receipt of regulatory approvals for our product candidates, and the timing of other regulatory filings and approvals; the clinical
development, commercialization and market acceptance of our product candidates; our ability to establish and maintain corporate
collaborations; the implementation of our business model and strategic plans for our business and product candidates; the scope
of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability
to operate our business without infringing the intellectual property rights of others; estimates of our expenses, future revenues,
capital requirements and our needs for additional financing; competitive companies, technologies and our industry; statements as
to the impact of the political and security situation in Israel on our business; and risks and other risk factors detailed in Can-Fite’s
filings with the SEC and in its periodic filings with the TASE. In addition, Can-Fite operates in an industry sector where securities
values are highly volatile and may be influenced by economic and other factors beyond its control. Can-Fite does not undertake
any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.